Deutsche Bank AG’s Paul Achleitner has won support to stay on as the firm’s supervisory board chairman from one of its biggest investors, former Qatar Prime Minister Sheikh Hamad bin Jassim bin Jabr Al Thani.
Achleitner, under pressure after the Frankfurt-based bank’s shares lost more than half their value over the past year, should continue in his role, according to a statement Wednesday from Paramount Services Holdings Ltd., which is controlled by Sheikh Hamad. The investment vehicle owns 3.1 percent of Deutsche Bank stock, second only to New York-based BlackRock Inc.’s 6.2 percent, according to data compiled by Bloomberg.
“Paramount Services Holdings does not believe it would be in shareholders’ interests for Supervisory Board Chairman Paul Achleitner to relinquish his position in 2017,” the investment firm said. “Dr. Achleitner’s leadership remains an important factor underlying Paramount Services Holdings’ investment case and confidence in Deutsche Bank.”
The Financial Times reported Paramount’s support for Achleitner earlier.
A former executive with German insurer Allianz SE who previously headed Goldman Sachs Group Inc.’s German branch, Achleitner became supervisory board chairman of Deutsche Bank in May 2012. His term with the nation’s largest investment bank expires in 2017. Over the past 12 months, the lender was the worst performer in the Euro Stoxx 50 Index after Volkswagen AG.
Deutsche Bank is eliminating thousands of jobs and selling assets to bolster capital buffers and profitability after the company was hit with a series of misconduct fines, many of which originated in its fixed-income unit.
To contact the reporter on this story: Matthew Martin in Dubai at mmartin128@bloomberg.net. To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Charles W. Stevens, Darren Boey
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